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NY S08432
Bill
Status
12/19/2025
Primary Sponsor
Brad Hoylman-Sigal
Click for details
AI Summary
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Redefines "beneficial owner" to mean any entity or individual who exercises substantial control over an LLC or owns/controls at least 25% of ownership interests, replacing the previous federal law reference
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Establishes detailed state-specific definition of "reporting company" to include LLCs formed or authorized in New York, with 20 categories of exemptions including securities issuers, banks, credit unions, insurance companies, registered investment advisers, public utilities, and tax-exempt organizations
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Exempts large companies meeting three criteria: more than 20 full-time U.S. employees, over $5 million in gross receipts on federal tax returns, and a physical office presence in New York
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Redefines "exempt company" to exclude minor children, nominees/agents acting on behalf of others, employees whose control derives solely from employment, individuals with inheritance rights only, and creditors without substantial control
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Authorizes the Department of State to promulgate rules and regulations to further clarify the beneficial ownership definitions
Legislative Description
Amends the definitions of the terms "beneficial owner", "reporting company" and "exempt company" to set the scope of certain provisions relating to beneficial owners of limited liability companies; authorizes the department of state to further clarify any such definitions.
Last Action
VETOED MEMO.164
12/19/2025